This conference call introduced the financial results of Phoenix New Media in the first quarter of 2026, including performance review, financial report interpretation and question-and-answer session. The conference was conducted in both Chinese and English. The content can be watched live and replayed on the company's official website.

In the first quarter, the company achieved stable execution ability and content competitiveness by focusing on core capacity building and using major events at home and abroad to enhance brand influence and user participation. The integration of technology and content has improved overall operational efficiency, increased revenue and reduced operating losses. Highlights include rapid response to international emergencies, in-depth coverage during the two sessions, extensive coverage of the Winter Olympics and major events, and outstanding performance of high-quality humanistic content, demonstrating the company's industry-leading position in the maturity and response speed of the international news reporting system.

Through deep participation in international exhibitions such as CES, MWC and AWE, combined with high-quality content and effective business strategies, the company has achieved significant growth in the number of customers and revenue in the technology field. Mobile application optimization to enhance user participation, new columns to enhance content structure and distribution efficiency. In the future, we will focus on content quality improvement, IP expansion and operational optimization to ensure stable and sustainable development.

Presents financial data for the first quarter of 2026, including revenue growth, cost decline, gross margin improvement, etc., as well as revenue forecasts for the second quarter, covering the range of advertising and paid services revenue, highlighting the contribution of digital reading services, while pointing out the reasons for the increase in operating expenses, and providing a balance sheet overview and cash position.

Discussed the company's revenue growth in the first quarter, especially the highlights and challenges of advertising revenue, and mentioned the growth of high-potential consumption and service industries, as well as active participation in international sports events and exhibitions. At the same time, the change of brand marketing trend is analyzed, and the advantage of content marketing is emphasized. Looking forward to the medium and long term, it is expected that macroeconomic pressure will continue, and the company will optimize its customer portfolio and strengthen international expansion to enhance its competitiveness.